Bitcoin Technical Analysis: 24 APR 2025
Bitcoin has broken past a major resistance zone, which is now being transformed into a key support zone. Source: TradingView
General View
Bitcoin has broken out of an extensive descending structure, signaling a clear shift in market structure. After weeks of compression within a falling wedge, bulls have finally regained control and pushed the price above the major resistance zone. This major resistance zone is now starting to be turned into a major supportive range. If, upon the retests, bulls can withstand it, Bitcoin is likely to push next for 61.8% and 75% Fibonacci retracements.
On The Upside
Bulls are currently holding strong. However, they are facing the first moment of heat at $94,500 to $95,500 levels. This is the next important range that needs to break for the price to enter its second bullish phase, where bulls are likely to aim for the 61.8% Fibonacci level at $96,380, followed by the 75% Fibonacci level at $101K.
On The Downside
As of now, if $94,500 continues to resist a surge higher, Bitcoin could see some partial profit-taking kicking in. This wave can drag the price towards $92,000 initially, with room for $90,800 as well. However, as of now, the extended correction remains unlikely, but if it stretches further lower, it will aim for $89,000 to $88,000 levels.
Key Fibonacci levels to watch over the coming hours. Source: TradingView
